According to BSP Manager Grace Malic, 702 million pieces of new bills were printed by BSP this year, but the bills will be gradually issued.

“We are still in the initial phase. As the year goes on, then we can add to the circulation,” Malic told ANC’s “The Rundown” on Tuesday.

More bills are expected to be printed next year as new printing machines arrive.

By 2013, 75% of money in circulation will be of new design. There is also a plan to change the design of some coins in 2013.

“We are already in the process of conceptualizing the new design of the coins but we still have to complete the demonetizing process of the bills before we move into coins. There are so many coins in circulation,” said Malic.

The BSP noted that the new design of the P20 bill, where the name of the President is printed as “Benigno S. Aquino”, is not a mistake.

BSP said it is the President’s preference to use his second name “Simeon” as his middle initial instead of Cojuangco.